TESS
$16.85
Tessco Tech
$1.25
8.01%
Earnings Details
2nd Quarter September 2017
Monday, October 23, 2017 4:35:00 PM
Tweet Share Watch
Summary

Tessco Tech (TESS) Recent Earnings

Tessco Tech (TESS) reported 2nd Quarter September 2017 earnings of $0.21 per share on revenue of $145.1 million. The consensus earnings estimate was $0.10 per share on revenue of $142.0 million. Revenue grew 7.8% on a year-over-year basis.

Tessco Technologies Inc delivers products and solutions to support wireless systems. It offers products in four categories base station infrastructure; network systems; installation, test and maintenance and mobile devices and accessories.

Results
Reported Earnings
$0.21
Earnings Whisper
-
Consensus Estimate
$0.10
Reported Revenue
$145.1 Mil
Revenue Estimate
$142.0 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Tessco Reports Second-Quarter 2018 Financial Results

Earnings Per Share Increase to $0.21

--Quarterly Dividend of $0.20 Per Share Continued

TESSCO TECHNOLOGIES INCORPORATED (TESS), today reported financial results for its second quarter of fiscal 2018, ended September 24, 2017.

Second-Quarter Highlights:

Revenue increased 8% year over year to $145.1 million; fourth straight quarter of year-over-year revenue growth

Public carrier market sales grew 48% compared with last year’s second quarter

-- All commercial markets grew year-over-year

Overall revenue growth and expense management resulted in operating margin of 2.2%, compared with 1.5% in last year’s second quarter

$0.21 EPS and $0.51 EBITDA per diluted share*; third straight quarter of year-over-year growth

-- Declared quarterly dividend of $0.20 per share

Second Quarter
Second Quarter
First Quarter
FY 2018
FY 2017
FY 2018
Revenue
$145.1M
$134.6M
$140.0M
Earnings per diluted share
$0.21
$0.12
$0.08
EBITDA per diluted share*
$0.51
$0.38
$0.27
Operating margin
2.2%
1.5%
0.9%
Cash balance
$0.2M
$10.8M
$0.2M
Line of credit balance outstanding
$13.3M
$0
$8.3M

* EBITDA per diluted share and EBITDA (on which EBITDA per diluted share is based) are Non-GAAP financial measures. Non-GAAP financial measures indicated by an asterisk (*) either in the above chart or in the text of this press release are so indicated as a means to direct the reader to the discussion of Non-GAAP Information below and the reconciliation of Non-GAAP to GAAP results included as an exhibit to this press release.

Second-Quarter Revenue by Market:
Year over Year
Sequential
Q2 FY 2018 vs.
Q2 FY 2018 vs.
Q2 FY 2017
Q1 FY 2018
Public Carrier
48%
3%
Value-Added Resellers
5%
0%
Government
23%
31%
Private System Operators
15%
15%
Retail
(10)%
(3)%
Total
8%
4%

"We executed on our profitability initiatives during the second quarter, extending our recent trend of year-over-year top- and bottom-line growth," said Murray Wright, President and Chief Executive Officer. "Revenue grew in all commercial markets, including a 48% year-over-year increase in revenue from the carrier market. The improved bottom-line performance was a direct result of the revenue growth we are seeing in the business, combined with our effective expense management. We believe these improved bottom-line results are an indication of the operating leverage potential the company possesses.

"We are executing on our strategic plan and are focused on balancing the implementation of our go-to-market strategy with improved operating efficiency," Wright continued. "We are leveraging a strong value proposition and adding talent to our already dynamic team to further accelerate results. There is strong momentum in our business, and we look forward to building on our recent track record of sales growth and improved profitability. Our focus on improving the customer experience is enabling us to generate new opportunities, and we are encouraged about our ability to drive success in the quarters to come."

Second-Quarter Fiscal 2018 Financial Results

For the fiscal 2018 second quarter, revenues totaled $145.1 million, compared with $134.6 million for the second quarter of fiscal 2017. The increase in revenues as compared to the prior-year period resulted primarily from a significant increase in sales to the public carrier ecosystem, although sales in all commercial markets grew.

Gross profit was $29.9 million for the second quarter of fiscal 2018, up from $28.8 million for the same quarter of fiscal 2017. The year-over-year increase in gross profit was primarily the result of higher overall sales. Gross margin was 20.6% of revenue for the second quarter of fiscal 2018, compared with 21.4% for last year’s second quarter. The decrease in gross margin was largely due to changes in customer and product mix, including the increase in lower-margin sales to the public carrier market.

Selling, general and administrative (SG&A) expenses were $26.7 million for the second quarter of fiscal 2018, flat compared with the same quarter of the prior year, despite normal variable cost increases in the current year quarter, associated with the 8% revenue growth.

Net income and earnings per share (EPS) were $1.8 million and $0.21, respectively, for the second quarter of fiscal 2018, compared with net income and EPS of $1.0 million and $0.12, respectively, for the prior-year second quarter.

Balance Sheet and Cash Flows

Increasing sales to the Company’s public carrier customers at times require significant investments in inventory. Therefore, increasing the Company’s positioning and market share with these customers requires working capital investment. During the second quarter, sales to public carrier customers increased 48% from last year’s second quarter and year-to-date sales in this market have increased 54% over last year. Accordingly, during this fiscal year, the Company experienced increases in inventory and accounts receivable and a corresponding decrease in its cash position, as well as increased borrowings on its line of credit. As of September 24, 2017, cash and equivalents totaled $0.2 million, and the outstanding balance on the Company’s line of credit was $13.3 million. Cash flow used in operations was $16.8 million during the first half of the 2018 fiscal year, primarily due to increases in inventory and accounts receivable. Inventory increased by $9.2 million during the first half of the fiscal year to $73.2 million as of September 24, 2017. Trade accounts receivable increased $28.2 million in the first six months of the year to $92.9 million.

On October 19, 2017, the Company expanded its previously existing secured line of credit facility with SunTrust Bank, as Administrative Agent and a lender, in an effort to ensure the ability to make increased investments in its business. The expanded credit facility is evidenced by an Amended and Restated Credit Agreement and other ancillary documents, which provide for a borrowing limit increase from $35 million to up to $75 million, on terms generally consistent with those previously existing. The applicable borrowing base has, however, been expanded to include not only eligible receivables but also eligible inventory. The Company believes that the expanded credit facility will allow for increased access to cash and will facilitate the Company’s efforts to make appropriate investments as needed to continue to grow.

Cash Dividend

The Company’s Board of Directors has declared a quarterly cash dividend of $0.20 per common share payable on November 22, 2017 to common stockholders of record on November 8, 2017. Any future declaration of dividends, and the establishment of record and payment dates, is subject to future determinations of the Board of Directors.

Business Outlook

The Company is not providing earnings guidance at this time for fiscal 2018.

Second-Quarter Fiscal 2018 Conference Call

Management will host a conference call to discuss second quarter 2018 results tomorrow, Tuesday, October 24, 2017 at 8:30 a.m. ET. To participate in the conference call, please call: 855-319-5921 (domestic call-in) or 503-343-6034 (international call-in) and reference code #93869172.

A live webcast of the conference call will be available at http://tesscotechnologies.gcs-web.com/investor-resources/events. All participants should call or access the website approximately 10 minutes before the conference begins.

A telephone replay of the conference call will be available from 11:30 a.m. ET on October 24, 2017 until 11:59 p.m. ET on October 31, 2017 by calling 855-859-2056 (domestic) or 404-537-3406 (international) and entering confirmation #93869172. An archived replay of the conference call will also be available on the Company’s website at http://tesscotechnologies.gcs-web.com/investor-resources/webcasts-and-presentations.

Non-GAAP Information

EBITDA and EBITDA per diluted share are measures used by management to evaluate the Company’s ongoing operations, and to provide a general indicator of the Company’s operating cash flow (in conjunction with a cash flow statement which also includes among other items, changes in working capital and the effect of non-cash charges). EBITDA is defined as income from operations, plus interest expense, net of interest income, provision for income taxes, and depreciation and amortization. EBITDA per diluted share is defined as EBITDA divided by Tessco’s diluted weighted average shares outstanding.

Management believes EBITDA and EBITDA per share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies. Because not all companies use identical calculations, the Company’s presentation of these Non-GAAP measures may not be comparable to other similarly titled measures of other companies. Neither EBITDA nor EBITDA per diluted share is a recognized term under GAAP, and EBITDA does not purport to be an alternative to net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. Additionally, neither EBITDA nor EBITDA per diluted share is intended to be a measure of free cash flow for management’s discretionary use, as certain cash requirements, such as interest payments, tax payments and debt service requirements, are not reflected.

A reconciliation of Non-GAAP to GAAP results is included as an exhibit to this release.

About TESSCO Technologies Incorporated (TESS)

TESSCO Technologies Incorporated (TESS) is a value-added technology distributor, manufacturer and solutions provider. Tessco was founded more than 30 years ago with a commitment to deliver industry-leading products, knowledge, solutions and customer service and supports customers in the public and private sector. Tessco supplies more than 50,000 products from 400 of the industry’s top manufacturers in mobile communications, Wi-Fi, Internet of Things, wireless backhaul and more. Tessco is a single source for outstanding customer experience, expert knowledge and complete end-to-end solutions for the wireless industry. For more information, visit www.tessco.com.

Forward-Looking Statements

This press release contains forward-looking statements as to anticipated results and future prospects. These forward-looking statements are based on current expectations and analysis, and actual results may differ materially. These forward-looking statements may generally be identified by the use of the words "may," "will," "expects," "anticipates," "believes," "estimates," and similar expressions, but the absence of these words or phrases does not necessarily mean that a statement is not forward-looking. Forward-looking statements involve a number of risks and uncertainties. Our actual results may differ materially from those described in or contemplated by any such forward-looking statement for a variety of reasons, including those risks identified in our most recent Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission, under the heading "Risk Factors" and otherwise. Consequently, the reader is cautioned to consider all forward-looking statements in light of the risks to which they are subject.

We are not able to identify or control all circumstances that could occur in the future that may adversely affect our business and operating results. Without limiting the risks that we describe in our periodic reports and elsewhere, among the risks that could lead to a materially adverse impact on our business or operating results are the following: termination or non-renewal of limited duration agreements or arrangements with our vendors and affinity partners that are typically terminable by either party upon several months or otherwise relatively short notice; loss of significant customers or relationships, including affinity relationships; loss of customers either directly or indirectly as a result of consolidation among large wireless services carriers and others within the wireless communications industry; the strength of our customers’, vendors’ and affinity partners’ business; negative or adverse economic conditions, including those adversely affecting consumer confidence or consumer or business spending or otherwise adversely impacting our vendors or customers, including their access to capital or liquidity, or our customers’ demand for, or ability to fund or pay for, the purchase of our products and services; our dependence on a relatively small number of suppliers and vendors, which could hamper our ability to maintain appropriate inventory levels and meet customer demand; changes in customer and product mix that affect gross margin; effect of "conflict minerals" regulations on the supply and cost of certain of our products; failure of our information technology system or distribution system; system security or data protection breaches; technology changes in the wireless communications industry or technological failures, which could lead to significant inventory obsolescence and/or our inability to offer key products that our customers demand; third-party freight carrier interruption; increased competition from competitors, including manufacturers or national and regional distributors of the products we sell and the absence of significant barriers to entry which could result in pricing and other pressures on profitability and market share; our relative bargaining power and inability to negotiate favorable terms with our vendors and customers; our inability to access capital and obtain financing as and when needed; transitional and other risks associated with acquisitions of companies that we may undertake in an effort to expand our business; claims against us for breach of the intellectual property rights of third parties; product liability claims; our inability to protect certain intellectual property, including systems and technologies on which we rely; our inability to hire or retain for any reason our key professionals, management and staff; and the possibility that, for unforeseen or other reasons, we may be delayed in entering into or performing, or may fail to enter into or perform, anticipated contracts or may otherwise be delayed in realizing or fail to realize anticipated revenues or anticipated savings.

TESSCO Technologies Incorporated
Consolidated Statements of Income (Unaudited)
Fiscal Quarters Ended
Six Months Ended
September 24,
September 25,
June 25,
September 24,
September 25,
2017
2016
2017
2017
2016
Revenues
$ 145,083,500
$ 134,633,800
$ 140,010,800
$ 285,094,300
$
263,493,800
Cost of goods sold
115,160,400
105,878,200
110,844,000
226,004,400
207,632,200
Gross profit
29,923,100
28,755,600
29,166,800
59,089,900
55,861,600
Selling, general and administrative expenses
26,674,400
26,709,500
27,881,500
54,555,900
53,665,200
Income from operations
3,248,700
2,046,100
1,285,300
4,534,000
2,196,400
Interest, net
156,500
17,200
68,600
225,100
28,600
Income before provision for income taxes
3,092,200
2,028,900
1,216,700
4,308,900
2,167,800
Provision for income taxes
1,318,300
1,034,700
533,800
1,852,100
1,093,100
Net income
$
1,773,900
$
994,200
$
682,900
$
2,456,800
$
1,074,700
Basic earnings per share
$
0.21
$
0.12
$
0.08
$
0.29
$
0.13
Diluted earnings per share
$
0.21
$
0.12
$
0.08
$
0.29
$
0.13
TESSCO Technologies Incorporated
Consolidated Balance Sheets
September 24,
March 26,
2017
2017
(unaudited)
(audited)
ASSETS
Current Assets:
Cash and cash equivalents
$
245,700
$
8,540,100
Trade accounts receivable, net
92,945,900
64,778,900
Product inventory
73,229,000
63,984,300
Prepaid expenses and other current assets
4,429,200
3,864,100
Total current assets
170,849,800
141,167,400
Property and equipment, net
13,091,100
13,830,900
Goodwill, net
11,677,700
11,677,700
Other long-term assets
7,419,300
7,304,500
Total assets
$ 203,037,900
$ 173,980,500
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Trade accounts payable
$
69,170,600
$
53,581,400
Payroll, benefits and taxes
6,836,000
6,772,100
Income and sales tax liabilities
1,756,100
1,364,700
Accrued expenses and other current liabilities
1,973,000
2,228,200
Revolving line of credit
13,278,600
--
Current portion of long-term debt
26,900
26,500
Total current liabilities
93,041,200
63,972,900
Deferred tax liabilities
373,600
386,800
Long-term debt, net of current portion
16,100
29,800
Other long-term liabilities
1,749,600
1,574,700
Total liabilities
95,180,500
65,964,200
Shareholders’ Equity:
Preferred stock
--
--
Common stock
98,800
98,400
Additional paid-in capital
59,801,300
59,006,000
Treasury stock, at cost
(57,502,400 )
(57,437,600 )
Retained earnings
105,459,700
106,349,500
Total shareholders’ equity
107,857,400
108,016,300
$ 203,037,900
$ 173,980,500
Total liabilities and shareholders’ equity
TESSCO Technologies Incorporated
Reconciliation of Net Income to Earnings Before Interest, Taxes
and Depreciation and
Amortization (EBITDA) (Unaudited)
Fiscal Quarters Ended
Six Months Ended
September 24,
September 25,
June 25,
September 24,
September 25,
2017
2016
2017
2017
2016
Net Income as reported
$ 1,773,900
$
994,200
$
682,900
$ 2,456,800
$
1,074,700
Add:
Provision for income taxes
1,318,300
1,034,700
533,800
1,852,100
1,093,100
Interest, net
156,500
17,200
68,600
225,100
28,600
Depreciation and amortization
1,041,400
1,098,900
989,600
2,031,000
2,275,600
EBITDA
$ 4,290,100
$ 3,145,000
$ 2,274,900
$ 6,565,000
$
4,472,000
Add:
Stock based compensation
254,300
76,600
247,600
501,900
192,400
EBITDA, adjusted
$ 4,544,400
$ 3,221,600
$ 2,522,500
$ 7,066,900
$
4,664,400
EBITDA per diluted share
$
0.51
$
0.38
$
0.27
$
0.78
$
0.54
Adjusted EBITDA per diluted share
$
0.54
$
0.39
$
0.30
$
0.84
$
0.56
TESSCO Technologies Incorporated
Supplemental Results Summary (in thousands) (Unaudited)
Three Months Ended
Three Months Ended
Growth Rates Compared to
September 24, 2017
September 25, 2016
Prior Year Period
Market Revenues
Commercial
Retail
Total
Commercial
Retail
Total
Commercial
Retail
Total
Public Carrier
$ 27,423
$
-
$
27,423
$ 18,532
$
-
$
18,532
48.0 %
-
48.0 %
Government
11,025
-
11,025
8,990
-
8,990
22.6 %
-
22.6 %
Private System Operators
24,207
-
24,207
20,990
-
20,990
15.3 %
-
15.3 %
Value-Added Resellers
34,951
-
34,951
33,409
-
33,409
4.6 %
-
4.6 %
Retail
-
47,478
47,478
-
52,713
52,713
-
(9.9 %)
(9.9 %)
Total revenues
$ 97,606
$ 47,478
$ 145,084
$ 81,921
$ 52,713
$ 134,634
19.1 %
(9.9 %)
7.8 %
Market Gross Profit
Commercial
Retail
Total
Commercial
Retail
Total
Commercial
Retail
Total
Public Carrier
$
3,777
$
-
$
3,777
$
3,236
$
-
$
3,236
16.7 %
-
16.7 %
Government
2,412
-
2,412
2,092
-
2,092
15.3 %
-
15.3 %
Private System Operators
5,054
-
5,054
4,613
-
4,613
9.6 %
-
9.6 %
Value-Added Resellers
8,942
-
8,942
9,223
-
9,223
(3.1 %)
-
(3.1 %)
Retail
-
9,738
9,738
-
9,592
9,592
-
1.5 %
1.5 %
Total gross profit
$ 20,185
$
9,738
$
29,923
$ 19,164
$
9,592
$
28,756
5.3 %
1.5 %
4.1 %
% of revenues
20.7 %
20.5 %
20.6 %
23.4 %
18.2 %
21.4 %
TESSCO Technologies Incorporated
Supplemental Results Summary (in thousands) (Unaudited)
Three Months
Three Months
Growth Rates
Ended
Ended
Compared to
September 24,
September 25,
Prior Year
2017
2016
Period
Product Revenues
Base Station Infrastructure
$
59,448
$
52,502
13.2%
Network Systems
29,180
21,461
36.0%
Installation, Test and Maintenance
7,679
6,881
11.6%
Mobile Device Accessories
48,777
53,790
(9.3%)
Total revenues
$
145,084
$
134,634
7.8%
Product Gross Profit
Base Station Infrastructure
$
14,086
$
13,453
4.7%
Network Systems
3,921
3,421
14.6%
Installation, Test and Maintenance
1,433
1,376
4.1%
Mobile Device Accessories
10,483
10,506
(0.2%)
Total gross profit
$
29,923
$
28,756
4.1%
% of revenues
20.6%
21.4%
TESSCO Technologies Incorporated
Supplemental Results Summary (in thousands) (Unaudited)
Three Months Ended
Three Months Ended
Growth Rates Compared to
September 24, 2017
June 25, 2017
Prior Year Period
Market Revenues
Commercial
Retail
Total
Commercial
Retail
Total
Commercial
Retail
Total
Public Carrier
$ 27,423
$
-
$
27,423
$ 26,598
$
-
$
26,598
3.1 %
-
3.1 %
Government
11,025
-
11,025
8,445
-
8,445
30.6 %
-
30.6 %
Private System Operators
24,207
-
24,207
21,042
-
21,042
15.0 %
-
15.0 %
Value-Added Resellers
34,951
-
34,951
35,040
-
35,040
(0.3 %)
-
(0.3 %)
Retail
-
47,478
47,478
-
48,886
48,886
-
(2.9 %)
(2.9 %)
Total revenues
$ 97,606
$ 47,478
$ 145,084
$ 91,125
$ 48,886
$ 140,011
7.1 %
(2.9 %)
3.6 %
Market Gross Profit
Commercial
Retail
Total
Commercial
Retail
Total
Commercial
Retail
Total
Public Carrier
$
3,777
$
-
$
3,777
$
4,128
$
-
$
4,128
(8.5 %)
-
(8.5 %)
Government
2,412
-
2,412
2,004
-
2,004
20.4 %
-
20.4 %
Private System Operators
5,054
-
5,054
4,607
-
4,607
9.7 %
-
9.7 %
Value-Added Resellers
8,942
-
8,942
8,961
-
8,961
(0.2 %)
-
(0.2 %)
Retail
-
9,738
9,738
-
9,467
9,467
-
2.9 %
2.9 %
Total gross profit
$ 20,185
$
9,738
$
29,923
$ 19,700
$
9,467
$
29,167
2.5 %
2.9 %
2.6 %
% of revenues
20.7 %
20.5 %
20.6 %
21.6 %
19.4 %
20.8 %
TESSCO Technologies Incorporated
Supplemental Results Summary (in thousands) (Unaudited)
Three Months
Growth Rates
Three Months
Ended
Compared to
Ended
June 25,
Prior Year
September 24,
2017
Period
2017
Product Revenues
Base Station Infrastructure
$
59,448
$
59,070
0.6%
Network Systems
29,180
23,837
22.4%
Installation, Test and Maintenance
7,679
6,993
9.8%
Mobile Device Accessories
48,777
50,111
(2.7%)
Total revenues
$
145,084
$ 140,011
3.6%
Product Gross Profit
Base Station Infrastructure
$
14,086
$
14,057
0.2%
Network Systems
3,921
3,829
2.4%
Installation, Test and Maintenance
1,433
1,419
1.0%
Mobile Device Accessories
10,483
9,862
6.3%
Total gross profit
$
29,923
$
29,167
2.6%
% of revenues
20.6%
20.8%
TESSCO Technologies Incorporated
Supplemental Results Summary (in thousands) (Unaudited)
Six Months Ended
Six Months Ended
Growth Rates Compared to
September 24, 2017
September 25, 2016
Prior Year Period
Market Revenues
Commercial
Retail
Total
Commercial
Retail
Total
Commercial
Retail
Total
Public Carrier
$
54,021
$
-
$
54,021
$
35,110
$
-
$
35,110
53.9 %
-
53.9 %
Government
19,470
-
19,470
18,842
-
18,842
3.3 %
-
3.3 %
Private System Operators
45,249
-
45,249
41,295
-
41,295
9.6 %
-
9.6 %
Value-Added Resellers
69,991
-
69,991
67,700
-
67,700
3.4 %
-
3.4 %
Retail
-
96,364
96,364
-
100,547
100,547
-
(4.2 %)
(4.2 %)
Total revenues
$ 188,731
$ 96,364
$ 285,095
$ 162,947
$ 100,547
$ 263,494
15.8 %
(4.2 %)
8.2 %
Market Gross Profit
Commercial
Retail
Total
Commercial
Retail
Total
Commercial
Retail
Total
Public Carrier
$
7,905
-
7,905
$
6,253
$
-
$
6,253
26.4 %
-
26.4 %
Government
4,416
-
4,416
4,232
-
4,232
4.3 %
-
4.3 %
Private System Operators
9,661
-
9,661
9,179
-
9,179
5.3 %
-
5.3 %
Value-Added Resellers
17,903
-
17,903
18,506
-
18,506
(3.3 %)
-
(3.3 %)
Retail
-
19,205
19,205
-
17,692
17,692
-
8.6 %
8.6 %
Total gross profit
$
39,885
19,205
59,090
$
38,170
$
17,692
$
55,862
4.5 %
8.6 %
5.8 %
% of revenues
21.1 %
19.9 %
20.7 %
23.4 %
17.6 %
21.2 %
TESSCO Technologies Incorporated
Supplemental Results Summary (in thousands) (Unaudited)
Six Months
Six Months
Growth Rates
Ended
Ended
Compared to
September 24,
September 25,
Prior Year
2017
2016
Period
Product Revenues
Base Station Infrastructure
$
118,518
$
104,897
13.0%
Network Systems
53,017
39,891
32.9%
Installation, Test and Maintenance
14,672
15,636
(6.2%)
Mobile Device Accessories
98,888
103,070
(4.1%)
Total revenues
$
285,095
$
263,494
8.2%
Product Gross Profit
Base Station Infrastructure
$
28,143
$
26,881
4.7%
Network Systems
7,750
6,319
22.6%
Installation, Test and Maintenance
2,852
2,944
(3.1%)
Mobile Device Accessories
20,345
19,718
3.2%
Total gross profit
$
59,090
$
55,862
5.8%
% of revenues
20.7%
21.2%

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20171023006413r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20171023006413/en/

SOURCE: TESSCO Technologies Inc.

TESSCO Technologies Incorporated
Aric Spitulnik, 410-229-1419
Chief Financial Officer
spitulnik@tessco.com
or
Sharon Merrill Associates
David Calusdian, 617-542-5300
TESS@investorrelations.com